Homework Answers
Ans32) the correct option is c) more is better
Ans33) the correct option is b) give up more "y" to get an extra "x" the more "x" they have.
Ans34) the correct option is a) is decreasing as "x" increases.
Ans35) the correct option is d) L shaped
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Juestons lemprod.pea ng.comapvprinten-us/econ Indifference curves are downward sloping because of the assumption of...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
Draw some indifference curves to represent the following preferences.(Please draw at least two indifference curves in...
Draw some indifference curves to represent the following preferences.(Please draw at least two indifference curves in one graph and specify which indifference curve has bundles that are more preferable) (a) [2 points] Alex likes both cake and smoothie. For both the commodity, he thinks that the more, the better. And he thinks a piece of cake is as good as a glass of smoothie.(b)Bobby likes chocolate but he doesn’t care about ice cream. And he thinks that the more chocolate...
36. If the utility function (U) between food (F) and clothing (C) can be represented as...
36. If the utility function (U) between food (F) and clothing (C) can be represented as U = VFX C, the marginal utility of food equals O A. 172./F7C. OB. FIC C. 172./C/F. OD. /C/F. 37. If Fred's marginal rate of substitution of salad for pizza equals five, then O A. he will eat five times as much pizza as salad. OB. he would give up five salads to get the next pizza. O c. he will eat five times...
1. True or False, and explain briefly. 1) The assumption that more is better implies that...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
QUESTION 31 When you observe downward sloping, convex indifference curves, what do you automatically know? That...
QUESTION 31 When you observe downward sloping, convex indifference curves, what do you automatically know? That the MRS in absolute value is diminishing. That the utility function is generally written as U(x,y) = ax + by, where a and b are positive constants. That the consumer views the two goods as imperfect substitutes. That the utility function is generally written as U(X,Y) = minax,by), where a and b are positive constants. That the utility function is generally written as U(X,Y)...
3. Indifference curves are convex (bowed in), because: a.) they are not allowed to intersect one...
3. Indifference curves are convex (bowed in), because: a.) they are not allowed to intersect one another b.) the consumption of an additional unit of a good generates a smaller increase in total utility than the previous unit consumed c.) each indifference curve represents a constant level of utility d.) they are downward sloping
Firms with market power a. face downward sloping average cost curves. b. face downward sloping marginal...
Firms with market power a. face downward sloping average cost curves. b. face downward sloping marginal cost curves. c. produce where P = MR = MC. d. maximize profit but fail to maximize social surplus.
QUESTION 30 When you observe downward sloping straight line indifference curves, what do you automatically know?...
QUESTION 30 When you observe downward sloping straight line indifference curves, what do you automatically know? That the MRS is constant. That the consumer views the two goods as perfect substitutes. DODO That the consumer views the two goods as imperfect substitutes. That the consumer views the two goods as perfect complements That the utility function is generally written as U(X ) = ax + by, where a and b are positive constants. That the utility function is generally written...
For which of the following utility functions will the corresponding indifference curves slope downward at an...
For which of the following utility functions will the corresponding indifference curves slope downward at an increasing rate? a. ?= -X1/2 +Y2 b. ? = −?2 − ?2 c. ? = ?1/3Y2/3 d. ? = ?2/X1/2
1. Which of the following is not a property of standard indifference curves in a leisure-consumption...
1. Which of the following is not a property of standard indifference curves in a leisure-consumption model? A. Indifference curves tend to be downward sloping. B. Higher indifference curves (to the northeast) indicate higher levels of utility. C. Indifference curves tend to be convex to the origin. D. There is an indifference curve passing through every leisure-consumption bundle. E. Indifference curves intersect one another. 2. What is likely to happen to the labor market equilibrium for firemen as building codes...
Question 16 1 pts A typical indifference curve is negatively sloped because: as we consume more of one good, we are willing to give up the consumption of another good without changing our utility higher indifference curves represent higher levels of utility higher indifference curves represent lower levels of utility we assume that a consumer's income is constant Question 17 1 pts A typical indifference curve: O is convex to the origin (bowed in) has a constant slope is concave...
36. If the utility function (U) between food (F) and clothing (C) can be represented as U = VFX C, the marginal utility of food equals O A. 172./F7C. OB. FIC C. 172./C/F. OD. /C/F. 37. If Fred's marginal rate of substitution of salad for pizza equals five, then O A. he will eat five times as much pizza as salad. OB. he would give up five salads to get the next pizza. O c. he will eat five times...
1. True or False, and explain briefly. 1) The assumption that more is better implies that the indifference curves are upward sloping 2) Convexity of indifference curves implies that consumers are willing to give up more to get an extra the more they have 3) Consider the following three bundles. Bundle Good Goody If Bundles A and B are on the same indifference curve, preferences satisfy all the usual assumptions introduced in the lecture, Bundle Cis preferred to Bundle A...
QUESTION 31 When you observe downward sloping, convex indifference curves, what do you automatically know? That the MRS in absolute value is diminishing. That the utility function is generally written as U(x,y) = ax + by, where a and b are positive constants. That the consumer views the two goods as imperfect substitutes. That the utility function is generally written as U(X,Y) = minax,by), where a and b are positive constants. That the utility function is generally written as U(X,Y)...
QUESTION 30 When you observe downward sloping straight line indifference curves, what do you automatically know? That the MRS is constant. That the consumer views the two goods as perfect substitutes. DODO That the consumer views the two goods as imperfect substitutes. That the consumer views the two goods as perfect complements That the utility function is generally written as U(X ) = ax + by, where a and b are positive constants. That the utility function is generally written...
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